Provider and Consumer Perceptions on Mobile Money and...
Transcript of Provider and Consumer Perceptions on Mobile Money and...
International Journal of Business and Economics Research 2020; 9(4): 270-281 http://www.sciencepublishinggroup.com/j/ijber doi: 10.11648/j.ijber.20200904.24 ISSN: 2328-7543 (Print); ISSN: 2328-756X (Online)
Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
Judith Aboagye*, Sophia Anong
Department of Housing, Financial Planning, and Consumer Economics, University of Georgia, Athens, USA
Email address:
*Corresponding author
To cite this article: Judith Aboagye, Sophia Anong. Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial
Inclusion Approach. International Journal of Business and Economics Research. Special Issue: Microfinance and Local Development.
Vol. 9, No. 4, 2020, pp. 270-281. doi: 10.11648/j.ijber.20200904.24
Received: February 27, 2020; Accepted: April 29, 2020; Published: August 19, 2020
Abstract: This study examines the use and impact of mobile money and microfinance services in Ghana. It explores the
perspectives of mobile money and microfinance service providers and consumers to identify the nature and extent of use, and
their separate and complementary impact on financial inclusion. Qualitative data collected through interviews with service
providers, agents, and consumer focus groups were used to draw parallels and contrasts between provider and consumer
perceptions on impacts and challenges of the systems. The study addressed four specific objectives identified as provider
perceptions on mobile money and microfinance integrations and financial inclusion; consumer perceptions on mobile money
and microfinance integrations and financial inclusion; impacts of mobile money and microfinance integrations on the financial
inclusion ecosystem; and challenges of mobile money and microfinance integrations for financial inclusion in Ghana. The
results showed that provider perceptions primarily focus on consumer access, product range, convenience, and regulatory
climate. Consumer perceptions also focus on network capacity, fraud and security, and complex user designs. The impacts of
mobile money integrations appear to be additive for most users but also transformative for users who were previously excluded
from the formal financial sector. However, there are eminent challenges related to system failures, fraud and security concerns,
and consumer protection to be addressed to help facilitate the efficiency and sustainability of the mobile money ecosystem.
Keywords: Mobile Money, Microfinance, Consumers, Service Providers, Financial Inclusion
1. Introduction
About three-quarters of the countries participating in the
technological and financial revolution of mobile money are
in Africa, where there are now more mobile money accounts
than bank accounts [1-3]. According to the Group Specile
Mobile Association (GSMA), sub-Saharan Africa (SSA) has
338.5 million active mobile money accounts registered
through 135 network operator services which makes it the
highest of any world region [4]. For half of these active
subscribers, mobile money is transformative as these wireless
provider-led financial transaction accounts is their only
connection to the financial system without directly owning a
bank account [5].
Some microfinance institutions (MFIs) are leveraging
mobile money systems for convenient loan repayments, loan
disbursements, and savings transactions for clients [6, 7]. Just
about 9% of adults in developing economies have savings
and credit with formal financial institutions, and the rest use
informal options such as MFIs, individual money lenders,
and family members [5]. Some studies have also indicated
that the successful integration of mobile money and
microfinance through services such as Musoni and Faula in
Kenya, and the b-Kash project in Bangladesh, have helped to
increase access to formal financial services [6, 7]. While the
microfinance sector has demonstrated positive impacts on the
social, financial, and economic well-being of the poor, there
are challenges to providing flexible product options at
reasonable costs for both users and providers. Most studies
have examined the use and impact of mobile money and
271 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
microfinance separately and little attention has been given to
the important intersections between the two in relation to
financial inclusion. This study therefore focuses on the
opportunities to be explored through the integration of
mobile money and microfinance products. The study
examines the ecosystem of mobile money and microfinance
in Ghana to identify the key indicators of adoption and the
impacts on financial inclusion. The specific objectives
addressed are as follows:
(a) What are the perceptions of service providers on
mobile money and microfinance integrations and
financial inclusion?
(b) What are the perceptions of consumers on mobile
money and microfinance integrations in Ghana?
(c) What are the benefits of mobile money and
Microfinance Integrations on the financial inclusion
ecosystem?
(d) What are the major challenges of mobile money and
microfinance integrations for financial inclusion in
Ghana?
In-depth individual and focus group interviews are used to
obtain the perspectives of banks representatives, mobile
network operators (MNOs), MFIs, mobile money agents, and
consumers. The study sheds light on what is known about
mobile money and microfinance services and how they co-
exist in Ghana which may be applicable to the broader West
African region.
1.1. Previous Studies
1.1.1. Financial Access and Financial Inclusion: Demand
and Supply-side Implications
Studies have shown that about 80 percent of the adult
population of SSA do not use formal financial services with only
24 percent having an account at a formal financial institution [8-
10]. Access to basic financial services such as savings, payments,
and credit is associated with positive impacts for both
individuals and firms and lack of access to finance is a major
obstacle to the growth of small-medium sized enterprises (SMEs)
[11-16]. Another study also found that financially excluded
consumers in developing countries experience vulnerability in
different ways with negative consequences on their personal,
economic, and social lives [17].
The major barriers to financial inclusion are typically
geographic, infrastructural, and institutional factors affecting
the supply of financial services, as well as socio-economic
factors affecting the demand for these services [18, 19, 15].
For instance, proximity to a financial institution remains a
major geographic constraint affecting rural residents and
therefore, the percentage of adults who are formally “banked”
in rural areas is consistently low due to the time and distance
of travel to reach banks [20, 21]. Structural supply-side issues
such as menus that are not intuitive, complex and costly
registration and sign-up processes, and security passwords that
are difficult to remember were also identified as factors that
may hinder the poor from using formal financial services [22].
Studies have also emphasized the importance of income, age,
gender, and education on financial access and adoption. For
instance, 54 percent of adults in the poorest 40 percent of
households within developing economies are shown to remain
unbanked, compared to 40 percent of the richest 60 percent of
households. Also, 30 percent of people around the world who
had no access to formal financial services reported that the
lack of sufficient funds to hold a bank account is the biggest
barrier to financial inclusion. Besides, women and young
people are typically excluded from formal financial markets
due to certain social, economic or legal factors such as lower
literacy levels, informal or irregular sources of income, lack of
legal identification or formal collateral, and time and mobility
constraints [23-27]. Amid these constraining supply and
demand-driven factors, recent innovations in financial products
driven by mobile money and mobile microfinance integrations
have proven successful at improving financial access in
countries like Kenya, Tanzania, and the Philippines [28, 6, 2].
Earlier studies on mobile money adoption in Ghana
indicated low adoption rates and mixed outcomes on value
and utility of mobile money products. Some studies showed
that the products primarily targeted the middle and upper-
income classes to the exclusion of lower-income groups and
had shown no salient impact on social life given the strong
preferences for cash-based transactions in Ghana. Much as
the urban poor had the least knowledge and lowest degree of
confidence in the utility of mobile money products, the
service was shown to be widely used for sending and
receiving remittances due to the high mobile phone
penetration in Ghana and the speed and convenience of
mobile money transactions [29-31]. Other studies also
showed that active users and facilitators of MTN mobile
money do receive value from using/providing banking
services via the mobile phone, particularly for business
development [1]. Despite the variations in findings, the
studies generally indicate that mobile money had tremendous
prospects in the financial service ecosystem. This study seeks
to expand the literature on mobile money in Ghana and
involves the use of multiple case studies to present both
provider perspectives and user experiences.
1.1.2. Impacts and Challenges of Mobile Money and
Microfinance Integrations
Following the 2009 mobile money launch in Ghana, initial
adoption rates were low due to competition with
longstanding preferences for cash and product features
targeting middle to high income groups [29-30]. However,
since the mid-2000s, West African countries, led by Ghana,
are catching up rapidly in relative adoption rates [31, 32, 4].
Adoption rates have varied across sub-Saharan Africa due to
challenges related to distribution, liquidity management,
product development, risk management, and fraud [2]. Less
stringent ‘know your customer’ guidelines in 2015 relaxed
the central Bank of Ghana’s 2008 Branchless Banking
Guidelines which increased the reach of agents and non-bank
wireless service providers [33]. The author in [6] indicates
that the factors which appeared particularly important for
Kenya’s notable success with M-Pesa include product
appropriateness, a strong agency network, liquidity
International Journal of Business and Economics Research 2020; 9(4): 270-281 272
management, and the pre-existing dominance of the service
provider. Hence, soliciting provider perspectives is important
to understand the co-existing ecosystems of mobile money
and MFIs in Ghana.
Microfinance schemes are not only useful financing
options, but important tools for economic empowerment and
social change, particularly for women [23, 27, 34-37]. For
instance, the authors in [37] surveyed 840 women
beneficiaries of microfinance in Ghana and concluded that
about 72% of the respondents reported being better
financially resourced to provide the educational, health, and
basic needs of their families. Most of the respondents also
indicated they had better housing conditions and improved
financial conditions to engage in communal activities due to
their involvement with MFIs. Similarly, 85 Ghanaian women
entrepreneurs who participated in a microfinance scheme for
about ten years indicated that they had expanded their
businesses, acquired assets, and improved livelihoods which
transferred to better overall well-being of their families and
communities [38].
Mobile money and microfinance services appear to operate
parallel to each other but also overlap based on their similar
goals of providing financial access to underserved and
dispersed communities. Micro-credit transactions have
increasingly been facilitated by readily accessible mobile
money due to cell phones being prolific even in the most
remote areas where branched banking or microfinance have
not reached. For instance, Musoni Kenya was the first MFI to
go completely cashless and disburse all loans through M-
pesa. A few other M-pesa enabled MFIs such as Kenya
Women Finance Trust (KWFT), Faula Kenya, and SMEP
DTM Limited also offer their customers, convenient, less
costly, and more flexible transaction options [39, 6, 7].
Similarly, BANKO Philippines and BRAC-bKash in
Bangladesh offered payment, savings, credit, and insurance
products accessible primarily over mobile phones and at
partner outlets [40, 7]. However, MFIs were using m-banking
most often for loan repayments and savings mobilization than
for loan disbursements. This was because, with the high
average value of loan disbursements and low transaction limits,
customers had to withdraw from multiple agents, thus reducing
convenience and increasing cost due to multiple transaction
fees. Another study found that apart from the formal banking
and credit programs like M-kesho and M-shwari that were
linked to mobile money, individual family networks as well as
rotating savings and credit associations (ROSCAs) also used
mobile money more frequently for convenience. Mobile
money usage had penetrated informal saving groups, family
associations, and kinship networks and fundamentally changed
social life in Kenya by creating mobile communities of the
“absent presence” and a “floating world” [41].
The Ghanaian market has also witnessed similar
integrations of investment, insurance, and energy products
with mobile money platforms. For instance, Ecobank Capital
Advisors (ECA) “TBill4All” service allows customers to
remotely register, apply, purchase, rediscount and redeem
treasury bills through transfers between customer mobile
money wallets and ECA mobile money wallets [42]. Tigo
Ghana in partnership with BIMA and MicroEnsure offer a
free opt-in life insurance coverage in proportion to airtime
usage as a loyal benefit to its customers with an option to
double the coverage amount for a monthly fee of GH₵1
(US$0.25). Tigo has also partnered with PEG Ghana to
provide the first mobile pay-as-you-go solar energy service to
low income and rural consumers. Additionally, the social
cash transfer program is in the process of being shifted onto
mobile platforms to cost-efficiently reach poor and
vulnerable populations [42-44]. Mobile money could be the
springboard to financial inclusion for the traditionally
disempowered such as women, rural residents, and the poor.
Exploring and understanding the intersections between
mobile money and microfinance could possibly be the
unrealized potential for sustained growth in financial access
by communities in Ghana.
1.2. Significance of the Study
Existing literature indicates that African countries have
relatively less access to formal financial services and tools
and face distinct financial sector developmental challenges
related to issues of trust, consumer protection, and operation
network systems [45, 2, 9]. Microfinance has been the
primary source of credit and savings for small-micro
enterprises and low-income households for several decades
in most African countries. Mobile money has also been
shown to have expanded financial access to the working poor
in Kenya, Tanzania, and Ghana, where the adult populations
with formal bank accounts have increased steadily alongside
the viral growth in mobile money [46, 2-5, 32,]. However,
previous studies mostly focus on consumer perspectives on
mobile money adoption and revealed a distinct gap in the
adoption of basic financial products and service for the urban
poor in Ghana. These studies have shown that cash is still the
primary form of payment for day-to-day purchases and
mobile money products are mainly targeting the middle and
upper class [29, 30].
Additionally, microfinance research on the gaps in the
regulatory framework and impact on financial inclusion in
Ghana is limited. This study is therefore significant because
it seeks to explore the impact of mobile money and
microfinance services on financial inclusion from the
perspectives of both the service providers and the consumers
in Ghana to fill the existing gaps in literature. The results of
this study are expected to provide important insights for
innovation in the financial sector, regulation reform on
inclusive financial policies, and improved integration
between mobile money and microfinance services as drivers
of financial inclusion and economic development.
1.3. Theoretical Framework
The ecosystem model grounds the present study to address
the research questions from a systems approach. As noted in
[45], the success of any digital financial system depends on the
ability to add value for all the different parties in the
273 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
‘partnership ecosystem (i.e. customers, banks, MNOs, MFIs,
agents, financial regulators, and technology companies).
Figure 1 also illustrates that a mobile money product requires
multiple commercial partnerships where the parties are
simultaneously working together and competing. Each partner
has specific responsibilities to contribute to the development of
the system and failure to add value for any one partner can
ultimately result in the failure of the whole system.
The key partners in the mobile money ecosystem as
identified by previous studies include the regulators,
infrastructure and technology companies, service providers
such as banks, MNOs, and MFIs, agents, and the consumer.
The primary regulator here is the central bank which issues
policies and guidelines relating to e-money issuance, agent
networks, know-your-customer (KYC) requirements and
consumer protection. The service providers which typically
include banks, MNOs, MFIs, and other payment and retail
companies require a combination of co-operation and
competition to collaborate in an interoperable ecosystem. For
instance, at the basic partnership level, MNOs require banks
to hold their float and banks require MNOs to issue short
codes for their customers to access their account over a
mobile phone. As more advanced forms of partnerships
develop over time, providers may compete for the same
customers once integrated services and add-on products like
savings, loans, and insurance are offered. The ecosystem
model approach helps to identify key stakeholders with
whom common themes related to perceptions, impacts, and
challenges of mobile money and microfinance in Ghana
could be explored to address the research questions. The
selection of key participants for the interviews was thus
informed by the identified partners in the mobile money
ecosystem model shown below in Figure 1.
Figure 1. Mobile Money Ecosystem Model [45].
Previous studies on the adoption of innovative financial
services have been grounded in frameworks that borrow from
various theories including the Technology Acceptance Model
(TAM) and other conceptual extensions. TAM posits that
perceived usefulness and perceived ease of use are the
fundamental determinants of use of any new system or
technology and assumes that users could choose to employ a
specific technology based on individual cost-benefit
considerations [47, 48]. Additionally, the author in [47]
claims that given any two systems with the same level of
perceived usefulness, the one believed to be easier to use will
be preferred by users. Mobile money adoption studies have
thus confirmed that a system or money object that is easier to
use within the socio-cultural context will result in positive
attitudes and faster consumer adoption, whereas those that
are not will be slower to be accepted or even marginalized.
Consequently, moving users from a free and easy-to-use
product like cash to mobile money, which is a more
expensive and complex product, is likely to present a key
challenge [6, 30]. The selection of variables for the key
components of the interviews was informed by the TAM
which shows that socioeconomic factors, technology and
infrastructure, regulation, and consumer attitudes may affect
the adoption of mobile money and microfinance services in
the context of any given country or region.
2. Methods and Procedures
2.1. Data and Participants
The key informants identified for the in-depth interviews
were representatives from commercial banks, MNOs, and
MFIs, as well as agents and consumers. All interviews were
conducted in-person by the first author between June 2nd and
30th 2017, with an assistant to help with approved video or
audio recording and note-taking. Interviews with service
providers and consumers were conducted based on the
availability of respondents. Purposeful sampling was used to
recruit informants who could provide detailed information of
interest. Bank and MNO representatives were recruited
through semi-formal introductions from personal contacts at
the organizations, while MFIs and agents were approached
directly by the first author and requested to participate in the
study. Consumers were also recruited through informal
introductions by individual community residents, church
group leaders, and market association leaders. Approval was
obtained from the Institutional Review Board at a U.S.
university and all participants signed consent forms prior to
the interviews. An interview protocol was also followed to
ensure consistency of the data collected and procedures for
recording data. The protocol used included an introduction of
the interviewer, the project description, consent agreement,
and participant profile questions, followed by the interview
questions. The semi-structured interviews lasted for about 45
minutes to one hour, were audiotaped with the participants
consent, and additional notes taken to corroborate with the
audio transcripts.
International Journal of Business and Economics Research 2020; 9(4): 270-281 274
2.1.1. Service Providers
(a) Commercial Bank
Formal requests for interviews were made to six
commercial banks selected from a list of 35 banks available
from the central bank’s website. The banks were purposefully
selected based on the availability of personal connections
(friends or acquaintances) to help facilitate agreement to
participation. Four of the six banks agreed to participate and
provided representatives for the interview. The interviews
were completed in person, audio-recorded with the
participants consent, and supplemented with written
documents. All four banks have mainstream mobile banking
portals that allow customers to access their bank accounts on
their mobile phones using SMS codes, and 3 are mobile
money partners providing both float management and retail
services through account integrations. Table 1 below
provides a summary of the key characteristics of the banks.
Table 1. Commercial Bank Profiles.
Bank 1 Bank 2 Bank 3 Bank 4
Ownership Private (Domestic) Private (Domestic) Private (Domestic) Private (International)
Years in Operation 10 16 11 2
Number of Branches 200 50+ 50+ 5
Mobile Banking Portal Yes Yes Yes Yes
Mobile Money Role(s) Partner, retail agent Partner, retail agent Partner, retail agent None
MM Integrated Services Account integration,
agent/merchant e-payments
Account integration,
agent/merchant e-payments
Account integration,
agent/merchant e-payments,
savings, card-less ATMs
None
(b) Mobile Network Operators
Formal requests for interviews were also sent to all four mobile
money operators in May 2017. Three providers agreed to
participate and interviews with their representatives were
conducted in June 2017. The fourth MNO declined the interview
due to concerns about proprietary information. Two of the three
interviews were audio recorded with additional notes taken with
the help of a research assistant. Notes were taken by the researcher
for the interview with the third MNO and supplemented with
written responses provided by the representative since the
permission for audio-recording was declined. As shown in Table
2 below, the three mobile money service providers have
practically uniform basic products and frequently used services, as
well as partnerships and integrated products.
Table 2. Mobile Network Provider Profiles.
MNO 1 MNO 2 MNO 3
Basic Products
cash-in/cash-out, cash transfers, bill
payments, utility payments, purchases,
mini statements
cash-in/cash-out, cash transfers,
bill payments, utility payments,
purchases, mini statements,
cash-in/cash-out, cash transfers, bill
payments, utility payments, purchases,
mini statements,
Frequently Used Products cash-in/cash-out cash-in/cash-out, transfers cash-in/cash-out
Partnerships Banks, payment companies, insurance
companies, MFIs
Banks, payment companies,
insurance companies
Banks, payment companies, insurance
companies, MFIs
Product Integrations
Bank to wallet, insurance, gov’t
payments, utility/merchant payments,
Card-less ATM services, MFI services
Bank to wallet, insurance, gov’t
payments, utility/merchant
payments
Bank to wallet, insurance, gov’t payments,
utility/merchant payments, Card-less ATM
services, SLC/MFI services
Primary Incentive Financial inclusion, product
innovation, customer convenience
Financial inclusion, drive for cash-
lite society
Financial inclusion, product innovation,
customer convenience, flexible products
(c) Microfinance Institutions
Three MFIs were selected from the online registry of the
Bank of Ghana and in-person requests for interviews were
made with branch representatives in June 2017. The
institutions were selected to represent the three hierarchical
tiers of the microfinance sector with one representative for
each tier. Two of the interviews were completed in-person
and audio recorded, and the third interview was partially
done in-person and completed over the phone. Notes were
taken for the third interview and supplemented with written
documents since the permission for audio-recording was
declined. The three MFIs included a top and middle-tier
deposit-taking institutions with bank-like products, and a
lower-tier non-deposit money lending institution, as shown
below in Table 3.
Table 3. Microfinance Finance Provider Profiles.
MFI 1 MFI 2 MFI 3
Classification Savings and loans company Microfinance Company Micro-credit/ money lending
Branches/Reach 25/6 regions 1/ Accra 10/Accra
Basic Products Savings, specialized accounts, loans, group
lending, fixed deposits, treasury bills,
Savings, specialized accounts, loans, fixed
deposits
Personal loans, working
capital loans
Other Services ATM services, mobile banking, biometric services Mobile banking payment services N/A
Mobile Money
Integrations
Wallet integrations (transfers, deposits, loan
payments, air-time transfer)
Wallet integrations (transfers, deposits, loan
payments, air-time transfer) N/A
Challenges Network failures, fraud, slow customer adaptation System failures, consumer attitudes Consumer attitudes,
inconsistent cash flow
275 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
(d) Mobile Money Agents
Three mobile money agents were also purposefully
selected to participate in the study based on their location and
type of operation. The agents were approached in person by
the researcher and requested to participate in the study, which
they all agreed. The first agent operated a store-front service
in a low-income, high-illiteracy, high-density community.
The second agent operated a store-front service at a local
market in a moderate income, medium density community,
and the third agent operated a small table-top service in a
moderate income, medium density residential community. An
interview date and time was scheduled after the initial
introductory visit with two of the agents, and the third agent
was interviewed on the same day of introductory visit. All the
agent interviews were conducted in June 2017 and were
audio-recorded with their permission. The agent interviews
also served as participatory observations for routine
transactional procedures as all the interviews were conducted
during business operation hours. Table 4 provides a summary
of the mobile money agent profiles.
Table 4. Mobile Money Agent Profiles.
AGENT 1 AGENT 2 AGENT 3
Gender Male Male Female
Operation Type Store-front Store-front Table-top
Years in Service 2.5 3 1.5
MNOs Served 2 4 2
Other Services
Insurance agent, bank agent, internet
service agent, air-time transfers/scratch
cards
Money transfer agent, internet service agent,
government\bulk payments withdrawal agent,
daily deposit (susu) agent
Air-time transfers/scratch cards
Pricing Disclosure Price schedule visibly displayed Price schedule visibly displayed Price schedule provided upon request
Profitability OK- depends on customer flow and other
services provided.
Low- Customers mostly engage in small
amount transactions. Relatively fair but not consistent.
Interviews with service providers were focused on supplier
perspectives on product/service options, agent networks,
regulation and licensing, and opportunities for partnerships
and scale. Interviews with mobile money agents were also
focused on direct marketing issues such as client retention,
service pricing and disclosures, profitability, consumer
protection, and security and technological challenges.
2.1.2. Consumers
Three focus group discussions were conducted at different
locations in the city of Accra selected to increase the
probability of recruiting respondents from diverse
backgrounds since the target population was the everyday
consumer. The first location is a predominantly low-income,
high illiteracy, high density community which was selected
to reflect the low to moderate-income, less educated
consumers’ perspective. Participants in this session were
initially approached at a social event in the community and
requested to voluntarily sign-up for the meeting at a given
time and place. Four of the five volunteers participated in the
discussion as one person did not show up. Participants at the
second location were members of a small group at a church
with an estimated 2000 active members from diverse
backgrounds and communities in and around the city. Five
participants were recruited for this session which was held
during a weekly group meeting at the church premise. The
third location is the largest local market in Accra with more
than 5000 traders ranging from hawkers, small table-top
sellers, small shed/stall traders, and shop owners, where a
unit leader was approached to help with recruiting
participants for the focus group discussion. The five
participants who were initially recruited included a male
trader who declined to participate and was replaced with
another female participant. Typically, markets in Ghana have
about 98% women traders and therefore having an all-female
focus group in a market location is not surprising.
There was a total of 14 participants in the focus group
interviews. The discussions were primarily conducted in one
of the two predominant local dialects in the area (Ga or Twi)
based on the participants’ preferences to allow consumers to
express themselves freely. The first author and research
assistant are both Ghanaian natives and fluent in both
dialects. Each group discussion began with a brief
introduction on the researcher, the purpose of the study and
intended uses of the data, followed by the signing of consent
forms, and then discussion questions. The questions were
built on the pre-determined themes relating to financial
product options and preferences, familiarity, use, and
experiences with mobile money products, and associated
benefits and challenges with mobile money and
microfinance. Other themes that emerged from the
discussions were also incorporated in the analysis. The
participants also completed a short socio-demographic survey
without any personally identifiable information, which was
used for the descriptive profile provided in Table 5. The
interviews were audio-taped with additional notes taken by
the research assistant to corroborate the audio transcripts.
The majority of the 14 participants were women (71%),
between the ages of 18 – 34 years (57%) and having only
basic through high school education (57%). Of the
participants who were employed and earning an income, 45%
were employed by the government and private sectors and
55% were self-employed, while 64% earned between $101 to
$250 per month. Income ranges were quoted in the local
currency (GHC) and converted to the dollar equivalent
(GHC.4: $1 at the time of data collection) when the data was
transcribed. Table 5 provides a summary of the profiles on
the focus group participants.
International Journal of Business and Economics Research 2020; 9(4): 270-281 276
Table 5. Summary Profile of Focus Group Participants.
Mamprobi
(Community residents)
Accra Central
(Church group)
Makola Market
(Traders) Total
No. of participants 4 5 5 14
Gender
Male 1 3 - 4
Female 3 2 5 10
Age groups
18-34 years 3 4 1 8
35-54 years 1 1 3 6
55+ years 1 1
Educational level
High sch. or less 2 1 5 8
Associate degree 2 3 - 5
College degree or higher 1 - 1
Employment status
Employee (gov’t/private sector) 2 3 - 5
Self-employed 1 5 6
Unemployed 1 2 3
Income
up to $100/month 1 2 3
$101 - $250/month 2 2 3 7
$250+/month 1 1
Financial services used
Bank account owners 4 3 4 11
MFI accounts 1 1 5 6
Informal savings group 2 1 3 6
Mobile money accounts 4 3 5 12
2.2. Data Analysis
Data collected from the interviews were used to generate
case studies with detailed descriptive analysis of the mobile
money and microfinance ecosystems in Ghana. The
descriptive analysis was presented in relation to the specific
objectives of the study and the key themes identified from
existing conceptual and theoretical research. The analysis
followed the stepwise procedure for case study analysis and
representation as outlined in [49]. First, transcription files
were created for organization and initial coding, the content
was then described in context using categorical aggregation
to establish themes and patterns. The data were interpreted in
the general context of the research focus and themes, and in-
depth cases are presented using narratives and illustrations
showing participant profiles. Additional inferences are drawn
from interrelationships between the themes across service
provider and consumer participant groups. Translation of
interview responses from the local languages to English were
completed and checked for accuracy and consistency by the
first author.
Creswell in [50] recommends that researchers identify and
discuss one or more reliability and validity strategies as a
procedural check for accuracy of their findings. Multiple
validity approaches were therefore incorporated to ensure
that the findings of the case studies are accurate from the
point of view of the researcher, the participants, and research
audience. First, by presenting various perspectives on the
issue of interest, the results are more realistic and richer and
add to the validity of the findings. Secondly, triangulation of
existing literature was employed to build coherent
justification for the themes. Service providers have been
assigned random numbers and focus group participants are
referenced by locations in the narratives to maintain
anonymity.
3. Findings
3.1. Service Provider Perceptions of Mobile Money and
Microfinance Integrations
The MNOs shared the notion that strategic partnerships
and agent network developments were the key factors that
have promoted the success of mobile money. Besides,
customer relations also play an important role because the
service builds on the trust and confidence of clients and the
existing relationships with telecom service providers. MFIs
have also focused on convenience and flexibility as the key
strategy to attract the masses into the semi-formal financial
sector. The bank-like MFIs have also formally integrated
their services with mobile money platforms as an added
convenience for consumers. However, the representatives
indicated that consumer adaptation appears to be slow as the
core clientele for the sector are typically less educated and
unsophisticated mobile money service users.
Generally, the bank representatives agreed that the ability
to meet the documentation requirements for account opening
which included proof of ID, proof of residence, and income
or employment verification is a primary challenge for
unbanked consumers. To address this need, most banks have
relaxed the ID requirement to include flexible options like
voter registration ID, health insurance card, school ID card,
and passport size photo attached to a signed letter from a
277 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
local community official. As one of the interviewees stated,
“... a student that has been accepted into a college can bring
a passport photo attached to the admission letter as proof of
ID to open an account before enrollment” (Bank 2, personal
communication, June 2017). Other important banking needs
identified by the banks were proximity to branches, small
amount deposit needs, consumer convenience, credit
worthiness, and liquidity constraints. Banks 1 and 3 use field
agents to reach consumers at their workplaces, (particularly
at local markets) to facilitate daily/weekly convenient
deposits without having to make a trip to the bank branch.
Liquidity constraints was particularly indicated as a major
concern appeared for most underbanked consumers who
preferred to use alternative financial services for their saving
and borrowing needs.
All three MFIs specifically target lower to moderate
income individuals (rural and urban poor), and less educated,
unsophisticated consumers who typically require little
documentation, and low fee convenient deposits and credit
products. Their product lines therefore include flexible, small
amount and customized savings and loan products which are
particularly appealing to inconsistent income earners like
small business owners, traders, and contract workers. The
depository MFIs typically require three to six months of
saving with the company, a counseling session, a guarantor,
and proof of employment/income prior to the approval for a
loan. Additionally, all three companies make extensive use of
field agents who make routine home or workplace visits to
collect deposits and loan repayments, which is the added
convenience and highlight of the appeal of microfinance
services.
3.2. Consumers Perceptions on Mobile Money and
Microfinance Integrations and Financial Inclusion
In general, our focus group participants were convenient
users of multiple financial services which included banks,
MFIs, informal savings groups, and mobile money services.
Banks are the convenient option for direct deposits of
salaries, routine bi-weekly or monthly withdrawals, and
longer-term savings. MFIs and informal savings groups are
the typical options for routine/short term savings, and family
and friends or informal savings groups are the preferred
choices for borrowing. As one participant noted about loans
with MFIs, “their interest rates are too high and the loans
take forever to process so my work savings group loan comes
in very handy and I can pay it off in a few months and start
over again” (Mamprobi group participant, personal
communication, June 2017).
Mobile money appears to have addressed the many
challenges on financial inclusion relating to proximity, cost,
and documentation requirements, and thus provides a
convenient alternative to bank accounts for some groups on
consumers. As one participant indicates ---
I do not have enough money to open a bank account and
since I have a mobile money account, I can send and receive
money everywhere without having to wait in long lines or fill
out any complicated paper forms so I really do not need a
bank account (Makola group participant, personal
communication, July 2017).
Mobile money transfer services enable consumers to
conveniently send and receive money for various purposes in
both formal and informal transactional contexts. However,
the formal use of mobile money for payments, savings,
investments, and microinsurance services is quite low
because most consumers do not understand the basic
processes involved. Additionally, consumers had low
confidence in the efficiency and security of the system due to
the frequent network failures and increasing rate of fraud.
One participant stated that, “Mobile money is a very good
service but some of the agents are thieves [even some of the
service providers (MNOs)]. I don’t leave any money in my
account anymore because I don’t trust them” (Makola group
participant, personal communication, July 2017)
3.3. Impacts of Mobile Money and Microfinance
Integration
The key impact of mobile money identified in this study is
the convenience it affords consumers through its integrations
with both formal and informal financial services, as well as
the transformative connection to the financial sector it offers
to unbanked consumers in Ghana. For instance, three of the
four banks in this study provide mobile money integrated
services known as account-to-wallet/wallet-to-account
transfers, which allows consumers to push and pull money
between their bank account and m-wallet, and
agent/merchant wallet transactions. In addition to the
customer m-wallet and merchant wallet/retail services, Bank
3 also offers a specialized mobile money savings account,
and card-less ATM withdrawals for mobile money account
holders. The specialized mobile money savings account
requires an initial minimum transfer of $1.25 (GHC 5.00)
from the mobile money account and no additional ID or
forms required. The account earns 12% interest annually and
can only be accessed through one’s mobile money account.
Additionally, the card-less ATM services allow mobile
money account holders (regardless of bank account status) to
make withdrawals from their m-wallets at various ATM
locations.
In addition to their individual company’s mobile banking
platforms, MFIs 1 and 2 also have mobile wallet to deposit
account integrations through partnerships with the mobile
money operators. Wallet-to-account and account-to-wallet
transfers can be used for airtime purchases and bill payments,
deposits, loan repayments, and money transfers (remittance).
Both providers charge a flat monthly service fee for mobile
banking services which includes wallet transfers, deposits,
and loan payments. However, transfers between accounts
(remittance) and merchant and bill payments may incur a
convenience fee per transaction.
Most of the bank account owners in our focus groups had
mobile money integrated bank accounts and had made a bank
account to m-wallet or m-wallet to bank account transfer at
least once in the last three months. Additionally, one
participant had a mobile money investment account, and two
International Journal of Business and Economics Research 2020; 9(4): 270-281 278
participants also had hospital (disability) insurance through
their mobile money service provider. The insurance program
enrollees explained that low weekly premiums were deducted
from their air-time credit for a given daily pay-out per
hospital admission. Neither of them had ever filed a claim
and could not explain how the process worked but they both
indicated that they knew of friends/family members who had
made successful claims. Interestingly, none of our MFI
account holders had mobile money integrated accounts and
only one participant was aware of the availability of the
service for deposits and withdrawals with the service
provider.
The key highlight of our discussions on mobile money
integrations was the widespread use in the informal context.
Almost all the informal savings group participants from all
three sessions have used mobile money at least once in the
past month to make their weekly contributions. The market
group participants were the most prolific users as they
mostly use mobile money to pay for goods (supplies) they
have bought on credit and to receive payments for goods
sold on credit to their retail clients. Generally, our
participants routinely use mobile money to send and receive
money as payments for goods and services such as clothes,
hair products and salon services, painting, plumbing,
catering, and transportation services. These informal
payments are typically transacted as person-to-person
transfers and are therefore not considered as payments on
the service provider end. Additionally, the participants
indicated that the transaction fees incurred usually
compensates for the time and transportation costs saved, as
well as the convenience and flexibility of paying for goods
and services after the fact.
3.4. Challenges of Mobile Money and Microfinance
Issues related to regulation, infrastructure and network
capacity, fraud and security concerns, and consumer behavior
were identified as key areas of challenges for mobile money
and microfinance integrations and financial inclusion. Bank
representatives generally indicated that mobile money
presents more of an opportunity than a threat to the
traditional bank. However, in relation to its regulation, one
representative stated --- “mobile money is growing so fast
and we can’t predict what will happen next… I think
regulation is so far behind and seems to be playing catch-up
with the system” (Bank 2, personal communication, June
2017). The other representatives also added that, the
regulators need to pay more attention to issues such as
interoperability, transaction limits, and uniform pricing,
while the MNOs need to improve their network and
infrastructural capacity to maintain efficiency of the service.
MNO representatives also agreed that a lot of progress has
been made to improve the policy environment particularly
following the release of the 2015 e-money issuer guidelines
by the Bank of Ghana in [51]. However, a key challenge
noted was the slow push for interoperability by the Central
Bank. Additionally, there are restrictions on transaction limits
and pricing which were also dictated by the Central Bank
with little to no consultation with the MNOs. Another key
challenge area is network and technological capacity. The
absence of basic infrastructural systems in most remote
communities presents a dire challenge. However, each of the
MNOs stated that efforts were being made to develop a more
flexible system and an improved network capacity to meet
the high volumes of transactions.
The MFI representatives also identified issues related to
system errors and network failures, as well as the increasing
rate of fraud as the key challenges associated with integrating
mobile money services. Network challenges, fraudulent
activities, and lack of consumer education were also
recurring challenges in the agent interviews as well as focus
group interviews with consumers. With most mobile money
consumers being uninformed, consumer fraud appears to be
on the rise, particularly for older and less educated
consumers. An MNO representative indicated that ---
customers’ lack of awareness and education on how to use
the services have created an over-the-counter transactions
system where customers either rely on agents to manage their
m-wallets or make basic transactions through the agents’
merchant wallets making them more susceptible to fraud”
(MNO 3, personal communication, June 2017).
4. Discussion of Results
The results of our interview responses analysis indicate
that mobile money and microfinance adoption are both
influenced by external factors such as proximity and
socioeconomic variables as well as the consumers’ perception
of the value, ease of use, and security of the system. While
our focus group participants typically use multiple financial
products, microfinance products were particularly shown to
be well-tailored to the needs of these less educated, lower
income, and unsophisticated consumers, compared to the
complex user designs of integrated mobile money products.
The participants were also less knowledgeable about the
integrated products and predominantly used mobile money
for basic deposits/withdrawal and transfer transactions. This
finding is partly consistent with previous studies where
mobile money products were shown to provide little to no
added value for the urban poor [6, 29 – 30]. However, in our
context mobile money also provided value as a convenient
and low-cost alternative financial service for the unbanked,
and thus serves as key driver of financial inclusion. This
finding is consistent with previous research where mobile
money was shown to be the only connection to the financial
system for about half of the active adult mobile money
subscribers in SSA [5].
Additionally, convenience is the main appeal of the
prolific use of mobile money for remittances which is also
consistent with the findings in [41], where individuals, family
networks, and rotating savings and credit associations
(ROSCAs) were shown to use mobile money more frequently
for convenience. The issue of security concerns and
particularly in relation to fraud was also an important
recurring theme in the service providers and focus group
279 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
interviews that cannot be overlooked. The service providers
typically associate the increasing rate of fraud to consumer
attitudes and the rise in over-the-counter transactions.
Consumers, however, identify inefficient network security
systems, lack of transparency in pricing disclosures, complex
user designs, and lack of consumer education as the key
drivers of consumer vulnerability to fraud. Consequently, the
low confidence in the value and efficacy of mobile money
and microfinance integrations and slow adoption rates for
product options such as insurance, investments, and credit.
This finding is also consistent with previous studies that
showed that security and privacy concerns were major
barriers to the use of mobile banking and mobile money
services [52, 53, 7].
5. Conclusion, Implications, and
Recommendations
This study examined the use and impact of mobile money
and microfinance services simultaneously, to determine the
factors that influence their use, and to identify their
complementary impact on financial inclusion in Ghana. The
findings show that regulation, network and system failures,
fraud and security concerns, and consumer behavior were the
major identified challenges to the growth and sustainability
of mobile money and microfinance integrations. While
regulatory challenges were the primary concerns from the
provider perspective, network capacity and the consumers’
lack of awareness and understanding of the system were
recognized as major challenges by both service providers and
consumers. Microfinance providers, for instance, indicate
network and systematic failures as the primary obstacle for
successful integrations with mobile money services. Agents
and consumers also indicate network issues as a primary
reason for lack of confidence in the mobile money system.
However, security concerns and the increased risk of fraud
were the most recurring challenges to the growth of the
mobile money and microfinance systems. Issues such as
compromised pins, unauthorized withdrawals, overcharged
transactions, scams, and theft are a few of the specific cases
discussed across the MFI, agents, and focus group
interviews.
The findings also showed that mobile money and
microfinance services are both advancing the overall goal of
financial inclusion, but more separately than integrally.
Specifically, microfinance products are more of additive
financial services that are well tailored for the less educated,
as the consumers were shown to be convenient users of
multiple services. Mobile money on the other hand showed
evidence of being both additive and transformational as there
were some consumers who were only actively connected to
the financial system through mobile money services.
However, there were a few limitations to the findings of
the study. First, the interview data was primarily collected
in-person by the first author and the responses of the
participants may have been influenced by unrecognized
researcher bias. The effects of qualitative research bias
were largely controlled for by using uniform protocol and
interview scripts and by remaining neutral in tone, dress,
comments, and body language. However, it is inevitable to
control for all the effects of the interviewer’s age, gender,
social status, and style of language, among other things, on
the interviewees’ responses. Secondly, participation in the
qualitative interviews was entirely voluntary and there is
always the possibility of self-selection bias effects on the
final outcomes of the study. Finally, the study participants
were entirely urban, and the results can only be generalized
to the urban population. The specific findings may therefore
not necessarily hold for rural mobile money and
microfinance users since there may be some location
specific challenges that were not identified in this study.
Future studies may therefore consider using more
representative samples and larger sample sizes that include
both urban and rural participants to generate more
generalizable results.
This study also presents important implications for policy
and regulation of mobile money and microfinance services.
The policy environment in Ghana’s mobile money market
appears to be very conducive for effective partnerships,
expansions in the available service options, and the growth of
a-cash-lite economy. However, the authors recommend that
the central bank improves monitoring of mobile money
operations to ensure the adherence to the established
provisions in the e-money issuers guidelines and regulation
to minimize the risk of fraud and protect the valuable savings
of the poor. Licensing and regulation of the microfinance
sector also needs to be enforced closely to ensure adherence
to the sector operational guidelines to resolve the increasing
incidence of insolvency of MFIs. Regulation to minimize the
risk of fraud and protect the valuable savings of the poor
through deposit insurance will ensure high value for
monetary transactions and stimulate consumer confidence in
the system and in turn increase adoption rates. Future studies
may also consider exploring the nature, extent, and key
indicators of mobile money fraud to identify policy strategies
to address consumer protection and redress.
Mobile money has deeply penetrated the economy in both
formal and informal contexts due to the high mobile phone
penetration. However, there are specific issues that require
careful considerations on the part of the service providers.
These issues include consumer education to improve
awareness, improving the network capacity and security of
the system, and preventing fraud. MNOs should be more
open to employing different educational/informational
projects to increase consumer awareness and understanding
of the basic processes. This may involve the use of consumer
analytics to develop more group specific marketing tools
based on consumer profiles. Additionally, improvements in
the network and capacity of the system to hold higher
volumes of transactions will also ensure more efficient
integrations, improved partnerships, and increased consumer
confidence. Consumer advocates and community agencies
who work with consumer groups particularly in the informal
International Journal of Business and Economics Research 2020; 9(4): 270-281 280
sectors can also serve as channels for creating consumer
awareness as well as assisting consumers to address redress
issues.
Mobile money and microfinance services share the core
goal of providing financial access to underserved and
dispersed communities, and their efficient integration
presents an enormous potential for sustained local economic
and social development in Ghana.
References
[1] Nyame-Mensah, A. (2013). The value of mobile banking: The case of MTN mobile money in Accra, Ghana. (Unpublished Master’s Thesis), University of Delaware, Newark, DE.
[2] Parada, M. & Bull, G. (2014). In the fast lane: Innovations in digital finance. International Finance Corporation. World Bank Group, Washington, D. C.
[3] Pénicaud, C. & Katakam, A. (2014). State of the Industry 2013: Mobile Financial Services for the Unbanked. GSMA MMU. Retrieved from https://www.gsma.com/
[4] GSMA. 2019. Mobile Money Metrics. Retrieved from https://www.gsma.com/mobilemoneymetrics/#SubSahAf?y=2017?v=registered_accounts?g=subregions
[5] Demirguc-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2015). Global Findex Database 2014: Measuring Financial Inclusion around the World. Policy Research Working Paper 7255, World Bank Group, Washington, D. C.
[6] Cracknell, D. (2012) Policy innovations to improve access to financial services in developing countries: Learning from case studies in Kenya. Center for Global Development Research Report.
[7] Hanouch, M., & Rotman. S. (2013) “Microfinance and mobile banking: Blurring the lines? Focus Note 88. CGAP, Washington, D. C.
[8] Consultative Group to Assist the Poor (CGAP) & World Bank. 2010. Financial Access 2010. The state of financial inclusion through the crisis. CGAP and World Bank. Washington, DC.
[9] World Bank. (2012). Information and communication for development 2012: Maximizing mobile. World Bank Group, Washington, D. C.
[10] KPMG. (2013) Financial services in Africa. Retrieved from www.kpmgafrica.com
[11] Beck, T., & Demirgüç-Kunt. A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking and Finance 30: 2931–43.
[12] Beck, T., Demirgüç-Kunt, A., & Martinez Peria, M. (2008). Bank financing for SMEs around the world: Drivers, obstacles, business models, and lending practices. Policy Research Working Paper 4785. World Bank Group, Washington, D. C.
[13] Caskey, J., Duran, C., & Solo, T. (2006). The urban unbanked in Mexico and the United States. Policy Research Working Paper 3835. World Bank Group, Washington, D. C.
[14] Dupas, P., & Robinson, J. (2009). Savings constraints and microenterprise development: Evidence from a field
experiment in Kenya.” National Bureau of Economic Research (NBER), Working Paper 14693. Cambridge, MA.
[15] Garang, J. (2014). The financial sector and inclusive development in Africa: Essays on access to finance for small and medium-sized enterprises in South Sudan and Kenya. (Unpublished doctoral dissertation), University of Massachusetts, Amherst, MA.
[16] Ouma, C. & Ramo, C. (2013). The Impact of microcredit on women-owned small and medium enterprises: Evidence from Kenya. Global Journal of Business Research, 7, (5): 57-69.
[17] Kamran, S. and Uusitalo, O. (2016), Vulnerability of the unbanked: evidence from a developing country. International Journal of Consumer Studies, 40: 400-409. doi: 10.1111/ijcs.12277.
[18] Ardic, R., Mylenko, D., & Saltane, P. (2012). Barriers to financial inclusion in developing economies. Retrieved from www.banking.com
[19] Demirguc-Kunt, A., Klapper, L., & Singer, D. (2013). Financial Inclusion and Legal Discrimination Against Women: Evidence from Developing Countries. Policy Research Working Paper 6416, World Bank Group, Washington, D. C.
[20] Daniels, B. (2014). Women’s financial inclusion in Africa: Barriers, costs and opportunities. Retrieved from www.osiss.org
[21] Herrington, M. & Kelly, D. (2012) African entrepreneurship: GEM Sub-Saharan Africa Regional Report. Retrieved from www.gemconsortium.org
[22] Grameen Foundation. (2013). Use of mobile financial services among poor women in rural India and the Philippines.” Washington, D. C.: Grameen Foundation.
[23] Allan, A., Massu, M. & Svarer, C. (2013). Breaking the barriers to financial inclusion. Banking on Change. London, United Kingdom.
[24] Borges, P. (2007). Women empowered: Inspiring change in the emerging world. New York, New York: Rizzoli.
[25] Klapper, L., & Demirguc-Kunt, A. (2012). Measuring Financial Inclusion: The Global Findex Database. World Bank Policy Research Paper 6025. World Bank Group, Washington, D. C.
[26] McGregor, R. T. (2013). Mobile banking: Increasing access to financial services. (Unpublished Master’s Thesis), Georgetown University, Washington, D. C.
[27] Women’s World Banking (2015). Digital savings: The key to women’s financial inclusion. Retrieved from www.wwb.org
[28] Au, Y. A & Zafar, H. (2008). A multi-country assessment of mobile payment adoption. UTSA College of Business; Working Paper Series No. 0055IS-296-2008.
[29] Dzokoto, V. A., & Mensah, E. C. (2012). Does mobile money matter? Exploring mobile money adoption by Ghana’s urban poor. Institute for Money, Technology, & Financial Inclusion (IMTFI), University of California, Irvine, CA.
[30] Dzokoto, V. & Appiah, E. (2014). Making sense of mobile money in urban Ghana: Personal, business, social and financial inclusion prospects. Institute for Money, Technology, & Financial Inclusion (IMTFI), University of California, Irvine, CA.
281 Judith Aboagye and Sophia Anong: Provider and Consumer Perceptions on Mobile Money and Microfinance Integrations in Ghana: A Financial Inclusion Approach
[31] Tobin, P., & Kuwornu, J. K. (2011). Adoption of mobile money transfer technology: Structural equation modeling approach. European Journal of Business and Management, 3 (7): 55-77.
[32] Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). Global Findex Database 2017: Measuring Financial Inclusion and the FinTech Revolution. World Bank Group, Washington, D. C.
[33] GSMA. (2018). 2017 State of the Industry Report on Mobile Money. London: GSMA.
[34] Burns, S. (2018). M‐Pesa and the ‘Market‐Led’ Approach to Financial Inclusion. Economic Affairs 38 (3): 406–21. doi: 10.1111/ecaf.12321.
[35] Asiama, J. & Osei, V. (2007). A note on microfinance in Ghana. Bank of Ghana Working Paper Series. WP/BOG-2007/01 Accra, Ghana.
[36] Singh, T. N. (2009). Micro finance practices in India: An overview. International Review of Business Research Papers, 5, (5): 131-146.
[37] Ahmed-Karim, Z. & Alders-Sheya, J. (2015). Empowering women: uncovering financial inclusion barriers. Ernst & Young Global Limited, EYG No. CQ0231.
[38] Dzisi, S. & Obeng, F. (2013). Microfinance and the socioeconomic wellbeing of women entrepreneurs in Ghana. International Journal of Business and Social Research, 3, (11): 45-62.
[39] Azanlerigu, J. A. & Kuntulo, A. D. (2015). Assessing the impact of micro-finance in reducing poverty among women in the Bolgatanga municipality in Ghana: A case study of Sinapi Aba Trust. Research Journal of Finance and Accounting 6, (22): 80-93.
[40] Chen, G. & Rasmussen, S (2014). B-Kash Bangladesh: A fast start for mobile financial services. CGAP, Washington DC.
[41] Kusimba, S., Chaggar, H., Gross, E. & Kunyu, G. (2013). Social networks of mobile money in Kenya. Institute for Money, Technology and Financial Inclusion (IMTFI) Working Paper 2013-1.
[42] Bank of Ghana. (2016). Payment systems oversight. Annual Report 2015. Retrieved from www.bog.gov.gh
[43] Kumar, K. & Winiecki, J. (2014). Access to energy via digital finance: Overview of models and prospects for innovation. CGAP, Washington, DC. Retrieved from www.cgap.org/publications
[44] Zetterli, P, (2015) In Ghana, DFS helps spur 41% increase in financial inclusion. CGAP, Washington D. C. http://www.cgap.org/blog/ghana-dfs-helps-spur-41-increase-financial Inclusion.
[45] European Investment Bank. (2014). Digital financial services in Africa: Beyond the Kenyan success story. EIB -UNCDF. Retrieved from www.eib.org
[46] Simpson, R. (2014). Mobile payments and consumer protection. Consumers International Policy Brief. Retrieved from www.consumerinternational.org
[47] Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and end user acceptance of information technology. MIS Quarterly, 13 (3): 318-339.
[48] Davis, F. D., Bagozzi, R. R., Warshaw, P. R. (1989). User Acceptance of Computer Technology: Comparison of Two Theoretical Models. Management Science, 35 (8): 982-1003.
[49] Creswell, J. W. (2007). Qualitative inquiry & research design. 2nd ed. Thousand Oaks, CA: Sage Publications.
[50] Creswell, J. W. (2014). Research Design: Qualitative, quantitative, and mixed methods approaches. 4th ed. Thousand Oaks, CA: Sage Publications.
[51] Bank of Ghana. (2015). Guidelines for E-money issuers in Ghana. Retrieved from www.bog.gov.gh
[52] Cudjoe, A. G., Anim, P. A., & Nyanyofio, J. G. (2015). Determinants of mobile banking adoption in the Ghanaian banking industry: A case of Access Bank Ghana limited. Journal of Computer and Communications, 3, 1-19 doi: 10.4236/jcc.2015.32001.
[53] Dias, D. & McKee, K. 2010. Protecting branchless banking consumers: Policy objectives and regulatory options. CGAP Focus Note No. 64. Washington, D. C.: CGAP.